Quarterly Net Operating Revenues of $585.1 million, up 29%
Record Quarterly Net Income of $85.7 million, Quarterly ROE of 15.2%
Quarterly Diluted EPS of $1.57 per share, Fiscal Year of $5.89 per share
NEW YORK, Nov. 24, 2025 (GLOBE NEWSWIRE) -- StoneX Group Inc. ((the "Company", NASDAQ:SNEX), a leading financial services franchise connecting clients to global markets, today announced its financial results for the fiscal fourth quarter and year ended September 30, 2025.
Sean O'Connor, the Company's Executive Vice-Chairman of the Board, stated, "We are pleased to announce our results to close out fiscal year 2025, one which marked another record annual performance in both revenues and net income and one in which we continue to grow both our product capabilities and client base. We achieved a record quarterly result, driven by strong contributions in equities trading, prime brokerage, and fixed income, as well as the closing of the acquisitions of R.J. O'Brien and The Benchmark Company, LLC. Overall, this resulted in a 12% increase in quarterly net income versus the prior year despite $9.3 million in acquisition-related charges in the current quarter, including $8.0 million in investment banking fees and $1.3 million in bridge loan financing charges, which combined equated to a reduction of approximately $0.13 in diluted EPS for the quarter.
We are confident that integrating these acquisitions will allow us to deliver a more comprehensive suite of products to both new and existing clients. Our ongoing strategy centers on driving shareholder value by expanding our product offerings, growing our client base, and increasing our geographic reach, all while maintaining our unwavering commitment to delivering exceptional client service." Mr. O'Connor added.
StoneX Group Inc. Summary Financials
Consolidated financial statements for the Company will be included in our Annual Report on Form 10-K to be filed with the Securities and Exchange Commission (the "SEC"). Upon filing, the Annual Report on Form 10-K will also be made available on the Company's website at www.stonex.com.
Three Months Ended September 30,
Fiscal Year Ended September 30,
(Unaudited) (in millions, except share and per share amounts)
2025
2024
% Change
2025
2024
% Change
Revenues:
Sales of physical commodities
$
31,579.0
$
30,247.2
4
%
$
128,462.6
$
96,586.2
33
%
Principal gains, net
303.8
308.4
(1
)%
1,247.2
1,189.6
5
%
Commission and clearing fees
248.6
139.1
79
%
728.2
548.0
33
%
Consulting, management, and account fees
67.6
43.2
56
%
205.9
167.2
23
%
Interest income
524.4
401.1
31
%
1,734.3
1,396.8
24
%
Total revenues
32,723.4
31,139.0
5
%
132,378.2
99,887.8
33
%
Cost of sales of physical commodities
31,521.1
30,218.9
4
%
128,251.3
96,451.6
33
%
Operating revenues
1,202.3
920.1
31
%
4,126.9
3,436.2
20
%
Transaction-based clearing expenses
109.0
85.5
27
%
382.2
319.3
20
%
Introducing broker commissions
71.9
42.0
71
%
211.4
166.2
27
%
Interest expense
408.6
323.5
26
%
1,402.7
1,115.7
26
%
Interest expense on corporate funding
27.7
14.3
94
%
77.8
67.8
15
%
Net operating revenues
585.1
454.8
29
%
2,052.8
1,767.2
16
%
Variable compensation and benefits
183.2
120.3
52
%
607.1
506.5
20
%
Net contribution
401.9
334.5
20
%
1,445.7
1,260.7
15
%
Fixed compensation and benefits
137.6
112.1
23
%
500.6
435.9
15
%
Trading systems and market information
22.3
20.9
7
%
83.1
79.1
5
%
Professional fees
26.9
14.7
83
%
86.3
69.7
24
%
Non-trading technology and support
25.6
19.8
29
%
87.3
73.4
19
%
Occupancy and equipment rental
15.3
14.2
8
%
55.7
49.0
14
%
Selling and marketing
12.1
12.5
(3
)%
50.5
52.6
(4
)%
Travel and business development
9.6
7.3
32
%
33.0
28.4
16
%
Communications
2.9
2.1
38
%
9.3
8.5
9
%
Depreciation and amortization
21.3
17.3
23
%
67.5
53.1
27
%
Bad debts, net of recoveries
0.8
0.8
—
%
3.1
0.6
417
%
Other
19.4
14.8
31
%
66.0
65.1
1
%
Total fixed compensation and other expenses
293.8
236.5
24
%
1,042.4
915.4
14
%
Other gains, net
1.1
0.1
n/m
5.5
8.8
(38
)%
Income before tax
109.2
98.1
11
%
408.8
354.1
15
%
Income tax expense
23.5
21.4
10
%
102.9
93.3
10
%
Net income
$
85.7
$
76.7
12
%
$
305.9
$
260.8
17
%
Earnings per share:(1)
Basic
$
1.67
$
1.61
4
%
$
6.22
$
5.49
13
%
Diluted
$
1.57
$
1.55
1
%
$
5.89
$
5.31
11
%
Weighted-average number of common shares outstanding:(1)
Basic
49,384,274
46,210,701
7
%
47,431,675
45,808,855
4
%
Diluted
52,569,233
47,999,485
10
%
50,124,502
47,437,543
6
%
Return on equity ("ROE")(2)
15.2
%
18.5
%
15.6
%
16.9
%
ROE on tangible book value(2)
20.6
%
19.4
%
17.9
%
17.8
%
n/m = not meaningful to present as a percentage
(1
)
On March 21, 2025, the Company effected a three-for-two stock dividend to stockholders of record as of March 11, 2025. The stock split increased the number of shares of common stock outstanding. All share and per share amounts have been retroactively adjusted for the stock split.
(2
)
The Company calculates ROE on stated book value based on net income divided by the average stockholders' equity, calculated based on average monthly total stockholders' equity amounts. For the calculation of ROE on tangible book value, the amount of goodwill and intangibles, net is excluded from stockholders' equity.
The following table presents our consolidated operating revenues by segment for the periods indicated.
Three Months Ended September 30,
Fiscal Year Ended September 30,
(in millions)
2025
2024
% Change
2025
2024
% Change
Segment operating revenues represented by:
Commercial
$
291.9
$
211.4
38
%
$
1,005.9
$
877.3
15
%
Institutional
771.7
554.1
39
%
2,498.5
1,962.1
27
%
Self-Directed/Retail
81.1
103.7
(22
)%
405.5
389.6
4
%
Payments
52.1
48.6
7
%
213.8
209.6
2
%
Corporate
20.9
15.0
39
%
64.4
46.9
37
%
Eliminations
(15.4
)
(12.7
)
21
%
(61.2
)
(49.3
)
24
%
Operating revenues
$
1,202.3
$
920.1
31
%
$
4,126.9
$
3,436.2
20
%
The following table presents our consolidated income by segment for the periods indicated.
Three Months Ended September 30,
Fiscal Year Ended September 30,
(in millions)
2025
2024
% Change
2025
2024
% Change
Segment income represented by:
Commercial
$
111.4
$
89.2
25
%
$
395.5
$
391.2
1
%
Institutional
133.8
77.3
73
%
385.8
266.0
45
%
Self-Directed/Retail
14.5
29.8
(51
)%
129.6
115.8
12
%
Payments
30.1
24.8
21
%
116.8
112.6
4
%
Total segment income
$
289.8
$
221.1
31
%
$
1,027.7
$
885.6
16
%
Reconciliation of segment income to income before tax:
Segment income
$
289.8
$
221.1
31
%
$
1,027.7
$
885.6
16
%
Net operating loss within Corporate (1)
(16.0
)
(9.4
)
70
%
(56.6
)
(64.7
)
(13
)%
Overhead costs, net of shared services
(164.6
)
(113.6
)
45
%
(562.3
)
(466.8
)
20
%
Income before tax
$
109.2
$
98.1
11
%
$
408.8
$
354.1
15
%
(1
)
Includes interest expense on corporate funding.
Key Operating Metrics
The tables below present operating revenues disaggregated across the key products we provide to our clients and select operating data and metrics used by management in evaluating our performance, for the periods indicated.
Three Months Ended September 30,
Fiscal Year Ended September 30,
2025
2024
% Change
2025
2024
% Change
Operating Revenues (in millions):
Listed derivatives
$
207.6
$
118.2
76
%
$
574.2
$
469.6
22
%
Over-the-counter ("OTC") derivatives
58.6
46.2
27
%
214.4
209.9
2
%
Securities
519.4
411.8
26
%
1,833.6
1,442.7
27
%
FX/Contracts for difference ("CFD") contracts
55.6
84.7
(34
)%
312.5
316.1
(1
)%
Payments
50.9
47.3
8
%
209.2
205.1
2
%
Physical contracts
65.9
53.3
24
%
287.0
217.9
32
%
Interest/fees earned on client balances
165.6
113.6
46
%
477.8
432.1
11
%
Other
73.2
42.7
71
%
215.0
145.2
48
%
Corporate
20.9
15.0
39
%
64.4
46.9
37
%
Eliminations
(15.4
)
(12.7
)
21
%
(61.2
)
(49.3
)
24
%
$
1,202.3
$
920.1
31
%
$
4,126.9
$
3,436.2
20
%
Volumes and Other Select Data:
Listed derivatives (contracts, 000's)(1)
66,331
57,512
15
%
237,423
214,811
11
%
Listed derivatives, average rate per contract ("RPC")(2)
$
2.79
$
1.99
40
%
$
2.26
$
2.09
8
%
Average client equity - listed derivatives (millions)(1)
$
11,321
$
6,636
71
%
$
7,785
$
6,206
25
%
OTC derivatives (contracts, 000's)
985
954
3
%
3,759
3,538
6
%
OTC derivatives, average RPC
$
60.40
$
49.05
23
%
$
57.65
$
59.62
(3
)%
Securities average daily volume ("ADV") (millions)
$
9,471
$
7,574
25
%
$
9,085
$
7,156
27
%
Securities rate per million ("RPM")(3)
$
315
$
257
23
%
$
278
$
256
9
%
Average money market/FDIC sweep client balances (millions)
$
1,246
$
993
25
%
$
1,233
$
1,017
21
%
FX/CFD contracts ADV (millions)
$
10,213
$
11,019
(7
)%
$
11,403
$
10,813
5
%
FX/CFD contracts RPM
$
83
$
122
(32
)%
$
107
$
115
(7
)%
Payments ADV (millions)
$
79
$
70
13
%
$
80
$
69
16
%
Payments RPM
$
10,234
$
10,658
(4
)%
$
10,444
$
11,693
(11
)%
Adjusted EBITDA (in millions)(4)
$
170.9
$
139.0
23
%
$
597.6
$
503.4
19
%
(1
)
The acquisition of RJO, effective July 31, 2025, contributed 20.0 million listed derivative contracts in the three months and fiscal year ended September 30, 2025. Also, for the three months and fiscal year ended September 30, 2025, the average client equity includes the effect of an incremental $5.6 billion per month from RJO for the two months post-acquisition.
(2
)
Give-up fee revenues, related to contract execution for clients of other FCMs, as well as cash and voice brokerage revenues are excluded from the calculation of listed derivatives, average rate per contract.
(3
)
Interest expense associated with our fixed income activities is deducted from operating revenues in the calculation of Securities RPM while interest income related to securities lending is excluded.
(4
)
Adjusted EBITDA is a non-GAAP measure. See Appendix - Non-GAAP Financial Information for further information.
Operating Revenues
Operating revenues increased $282.2 million, or 31%, to $1,202.3 million in the three months ended September 30, 2025 compared to $920.1 million in the three months ended September 30, 2024. The acquisition of RJO contributed $141.0 million in operating revenues. The table above displays operating revenues disaggregated across the key products we provide to our clients.
Operating revenues derived from listed derivatives increased $89.4 million, principally driven by the acquisition of RJO which contributed $89.5 million. Our Commercial and Institutional segments added $40.5 million and $48.9 million, respectively.
Operating revenues derived from OTC derivatives increased $12.4 million, principally resulting from a 23% increase in OTC average rate per contract as well as a 3% increase in OTC derivative volumes.
Operating revenues derived from securities transactions increased $107.6 million, principally due to a 25% increase in ADV as well as a 23% increase in the securities RPM. Carried interest income on fixed income securities is a component of operating revenues, however, interest expense associated with financing these positions is not. In the calculation of securities RPM in the table above, we deduct interest expense associated with our fixed income activities from operating revenues, as well as exclude interest income related to securities lending, in order to provide a more useful measure of the financial performance of our securities business. Net operating revenues derived from securities transactions increased $48.7 million, principally due to the increase in ADV and RPM noted above.
Operating revenues derived from FX/CFD contracts declined $29.1 million, as a result of a $24.7 million and $4.4 million declines in our Self-Directed/Retail and Institutional segments, respectively, which was principally driven by a 32% decrease in RPM and a 7% decline in ADV, principally due to diminished FX volatility.
Operating revenues from payments increased $3.6 million, principally driven by a 13% increase in payments ADV, which was partially offset by a 4% decline in payments RPM.
Operating revenues derived from physical contracts increased $12.6 million, primarily as a result of a $19.5 million increase in physical agricultural and energy operating revenues, which was partially offset by a $6.8 million decline in precious metals operating revenues. Precious metals related operating revenues were unfavorably impacted by unrealized losses on derivative positions of $5.0 million and $4.5 million in the three months ended September 30, 2025 and 2024, respectively, related to physical inventories held at the lower of cost or net realizable value.
Interest and fee income earned on client balances, which is associated with our listed and OTC derivative businesses, as well as our Correspondent Clearing and Independent Wealth Management businesses, increased $52.0 million, principally driven by the acquisition of RJO which contributed $50.0 million. Average client equity and average money-market/FDIC sweep client balances increased 71% and 25%, respectively. For the fiscal year ended September 30, 2025, the average client equity includes the effect of an incremental $5.6 billion per month from RJO for the two months post-acquisition.
Interest expense
Three Months Ended September 30,
Fiscal Year Ended September 30,
(in millions)
2025
2024
% Change
2025
2024
% Change
Interest expense attributable to:
Trading activities:
Institutional dealer in fixed income securities
$
311.9
$
253.2
23
